The primary contribution to the market recovery came from large late-stage funding rounds. Companies at these stages accounted for approximately 78% of the invested capital, while early-stage startups received 22%, according to Galaxy Research analysts.
The gap in the number of transactions was noticeably smaller. Transactions involving projects at the earliest stage accounted for 21% of all transactions, while later rounds accounted for 26%. Galaxy Research suggested that the shift of capital toward more mature projects may indicate the gradual maturation of the industry and an increasing number of companies generating revenue.
For the first half of the year, cryptocurrency companies raised over $10 billion across 744 deals. According to Galaxy Research, if the current pace continues, venture investment volume by year-end could reach approximately $20.04 billion—slightly below last year’s $20.3 billion, but higher than the results for 2023 or 2024.
The growth in venture activity occurred amid a strengthening Bitcoin. However, analysts noted that private investment dependence on the price of the first cryptocurrency is now significantly weaker than during the bull cycles of 2017 and 2021. By the end of 2025, Bitcoin reached new all-time highs, while investments in private crypto companies remained uneven.
The United States remains the primary hub of the crypto venture market. U.S. companies received 73.5% of all invested capital and accounted for 39.1% of all transactions. The United Kingdom received 4% of investments and 7% of transactions, while France received 3.2% of capital. Singapore ranked third in number of transactions with a 5.7% share, according to experts.
The situation is more complex when it comes to venture funds raising capital themselves. In the second quarter, investors allocated approximately $3.9 billion to five new crypto funds, compared to $1.1 billion across eight funds in the previous quarter. The amount of capital raised more than tripled, while the number of new funds dropped to its lowest level since 2019.
Galaxy Research linked the difficulties in raising funds to the economic climate and the aftermath of the 2022–2023 crisis. Analysts believe that AI projects and companies accumulating digital assets on their balance sheets are adding further competition for the attention and capital of major investors.
Previously, analytics platform CoinShares reported that from April 6 to 10, inflows into cryptocurrency-based investment products reached the highest level since the start of the year—$1.1 billion. Experts attributed the growth to negotiations between the U.S. and Iran, as well as softer-than-expected U.S. consumer spending and inflation data.